Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.

Friday, April 04, 2008

Lawrence Yun: Nobody Expected Housing Bust

Lawrence Yun is wrong once again, this time he is being a revisionist:

"Even though there was some risk, the ratings agencies fooled the market and the investors into thinking housing was rock solid," says Lawrence Yun, chief economist for the National Association of Realtors (NAR). "It was the speed and the scope of the losses that nobody expected."

Nobody expected? What about all Nouriel Roubini, Dean Baker and Robert Shiller and dozens of housing bubble bloggers? Message to Yun: You have lost your credibility, it is time to resign. Become a whistle blower and tell us what really is going on in the housing market and especially at the NAR.

What happen? My friend is not an economist but he long told me the artificial housing price is not sustainable by the current salary. This is just common sense. Those stupid people called "Experts" are really should shut up and find a different job.

David, don't forget to give credit to Bill Fleckenstein of MSN Money, who has been warning since about 2001-2003. Also, the editors of The Economist who first began warning somewhere around the 2002-2003 timeframe.

Bubbleheads, we've got a "David Lereah Watch" blog and a "Lawrence Yun Watch" blog, but I think now someone is going to have to create a "Senator Dodd Watch" blog. As far as Congressmen go, Senator Christopher Dodd is the housing-bailout king.